Lesson 5: Legal Institutions - Intercollegiate Studies Institute

Lesson 5 Lesson 5: Legal Institutions

Presented by: Dr. Daniel Hammond
Wake Forest University

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Legal Institutions and the Production of Wealth

In this lesson you will learn about the variety of institutions that support a thriving market system. You will also learn why governments and markets can fail if public policy is not well-designed.

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HMW Lesson 5: Legal Institutions

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In the terminology of economics, inefficiency results when property rights are not in place and mutually beneficial trades are not made.
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Unless restrained by constitutional rules, special-interest groups will use the democratic political process to obtain government favors at the expense of others.

James Gwartney, et.al

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Legal Institutions and the Production of Wealth, Part 3

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Video

Rule of Law - Samuel Gregg, Hernando De Soto, & Marcela Escobari [PovertyCure Episode 3] (PovertyCure)

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PDF

James Gwartney et al., Common Sense Economics, pp. 109-132

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Thomas Sowell, Basic Economics, pp. 392-422

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Lesson 5 Lesson 5: Legal Institutions

Legal Institutions and the Production of Wealth

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HMW Lesson 5: Legal Institutions

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